RadioShack Buys Out Microsoft in Net Venture

RadioShack Corp. said it has agreed to buy Microsoft Corp.’s 25% stake in the consumer electronics chain’s Internet venture, RadioShack.com, for $88 million in cash.

With the purchase, Fort Worth-based RadioShack ended a relationship that began in November 1999, and it becomes the sole owner of its Internet venture.

Separately, RadioShack said sales from its retail division increased 8% to $356.6 million in June. Sales at company-owned outlets open at least a year rose 4%.

RadioShack shares dipped 4 cents to close at $30.38 on the NYSE, while Microsoft shares were down $2.45 to close at $66.06 on Nasdaq.